Paytm has launched QR code based payments in the Paytm Wallet app, which can be used by shopkeepers or service providers in order to accept digital payments. Users can also pay via the Wallet app. The QR code will contain Paytm account details of the merchants, while the buyer only has to enter the payment amount and approve the payment. The QR code option, according to the company, will allow kirana stores, autorickshaws, taxis, cabs, fast food joints among others to carry a laminated QR code, which will allow them to receive payment without a data connection. These service providers will receive a transaction confirmation through SMS on a basic phone. Merchants will be able to generate dynamic QR codes which will have the amount to be paid and the merchant’s Paytm details. Currently, a one time password is generated on receiving the user’s mobile number. Paytm plans to launch a payment app for merchants with ‘wider functionalities’. It has enabled payments for Pizza Hut, KFC and Costa Coffee along with other unnamed vendors. Note that earlier this month, ICICI Bank's digital payments product Pockets also allows users to make cashless payments from their smartphones at physical stores, e-commerce websites and deliveries at home. The feature has been enabled by Visa’s new mobile payment solution mVisa. Hyperlocal services Last week, Paytm, which raised an undisclosed amount in fresh funding from Alibaba and Ant Financial last month, entered the hyperlocal services vertical, starting with food ordering, table bookings, cinema tickets and deals in…
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